2022-01-27 03:46:33
Technical tracker - HLIB Retail Research – 27 January 2022
PENTA (RM4.10) – Ripe for an oversold rebound Global worker shortage that will drive automation demand. Pentamaster (PENTA) designs, manufactures and installs automated equipment in the semiconductor, pharmaceutical, medical devices, automotive, food & beverages, and consumer goods industries globally. In the wake of persistent concern of global workers’ shortage, many companies have resorted to automation and advanced technology to improve efficiency and reduce labour dependence. We reckon PENTA is well-positioned to ride on the growing demand for automation, given that factory automation solution (FAS) is one of the group's major contributors, accounting for 30.6% of the group 3QFY21 revenue. During an interview by The Edge, PENTA’s management expects the revenue contribution from the FAS division to grow from 30% to 35% going forward.
Automated test equipment (ATE) division to grow steadily. On the back of record-high equipment spending, PENTA’s ATE division is expected to grow from its electro-optical and semiconductor segment that has experienced a robust demand due to the recovery of smartphone demand and peripheral markets. On the other hand, the automotive segment where PENTA have high exposure through encompassing diverse product areas will continue to pick up after recent setback, driven by the advent of electrification and other technology advancements.
Brace for a rebound. Global technology stocks experienced a knee-jerk sell down as investors rotated away from high growth pricey technology stocks to value and cyclical stocks, amid potential knock-on effects on growth following the Fed hawkish stance to tame inflation and heightened geopolitical tensions. Overall, KLTECH had plunged 18.05% YTD, being the worst-performing sector in Bursa Malaysia.
Mirroring KLTECH, PENTA’s share price tumbled 26% to RM4.10 yesterday. However, we expect the stock to stage a technical rebound from a steeply oversold positions, underpinned by bottoming out indicators. A decisive breakout above RM4.35 could spur prices higher towards RM4.47-4.59-4.71 zones. Cut lost at RM3.80
Collection range: RM3.95-4.05-4.10
Upside targets: RM4.47-4.59-4.71
Cut loss: RM3.80
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PENTA (RM4.10) –有望超卖反弹
全球人力短缺将推动自动化需求。 Pentamaster (PENTA) 在全球范围内为半导体、制药、医疗设备、汽车、食品和饮料以及消费品行业提供设计、制造和安装自动化设备。在全球人力短缺的情况下，许多公司已偏向于自动化和先进的技术来提高效率以减少对劳动力的依赖。鉴于工厂自动化解决方案 (FAS) 是集团的主要业务之一，占集团 2021 财年第三季度收入的 30.6%，我们认为 PENTA 处于有利地位，且可以满足对自动化不断增长的需求。在接受 The Edge 采访时，PENTA 的管理层预计未来 FAS 部门的收入贡献将从 30% 增长到 35%。
自动化测试设备（ATE）稳步增长。在设备支出创历史新高的情况下，PENTA 的 ATE 部门(占集团 2021 财年第三季度收入的70%)预计将从其光电和半导体部门继续成长，得益于该业务在智能手机需求的复苏和半导体的强劲的需求。另一方面，PENTA通过涵盖及拥有多种产品领域而拥有高曝光率的汽车领域也将在在汽车电气化和其他技术进步的推动下，逐渐成长。
有望超卖反弹。由于投资者从高增长的科技股转向价值股和周期股，以及美联储采取强硬立场以抑制通胀和地缘政治紧张局势后可能对经济增长产生连锁反应，全球科技股在过去几周经历了下跌和抛售， KLTECH 年初至今已下跌 18.05%，是在马股表现最差的板块。
与 KLTECH 一致，PENTA 的股价已重挫 26% 至 4.10 令吉。然而，我们预计该股将在触底指标的支撑下，有望在超卖阶段出现技术反弹。股价若成功突破 RM4.35 可能会推动价格上涨至 RM4.47-4.59-4.71 区域。投资者可以把止损设置在 RM3.80。
买入范围：RM3.95-4.05-4.10
上行目标：RM4.47-4.59-4.71
止损：RM3.80
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